Maxim Power Corp. — Interim / Quarterly Report 2021

Nov 10, 2021

Condensed Consolidated Interim Financial Statements of

MAXIM POWER CORP.

For the Three and Nine Months Ended September 30, 2021 (Unaudited)

MAXIM POWER CORP.

Unaudited Condensed Consolidated Interim Statements of Financial Position

(in thousands of Canadian dollars)

		September 30,	December 31,
As at	Note	2021	2020
ASSETS
Cash and cash equivalents		26,024	12,261
Trade and other receivables		14,464	6,952
Risk management asset	11	7,319	-
Prepaid expenses and deposits		1,512	1,390
Total current assets		49,319	20,603
Property, plant and equipment, net	3	230,265	183,939
Restricted cash		6,196	6,196
Deferred tax assets		1,627	19,798
Risk management asset	11	284	-
Other assets		8,913	8,774
Total non-current assets		247,285	218,707
TOTAL ASSETS		296,604	239,310
LIABILITIES
Trade and other payables		9,509	11,377
Risk management liability	11	590	2,049
Loans and borrowings	4	-	1,668
Total current liabilities		10,099	15,094
Provisions for decommissioning		10,338	10,997
Other long-term liability		206	202
Loans and borrowings	4	53,215	65,107
Total non-current liabilities		63,759	76,306
TOTAL LIABILITIES		73,858	91,400
EQUITY
Share capital		144,109	143,584
Contributed surplus		12,635	12,431
Retained earnings(deficit)		66,002	(8,105)
TOTAL EQUITY		222,746	147,910
Commitments and Contingencies	8, 9
TOTAL LIABILITIES AND EQUITY		296,604	239,310

TOTAL LIABILITIES AND EQUITY 296,604 239,310	TOTAL LIABILITIES AND EQUITY 296,604 239,310
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
On behalf of the Board:
M. Bruce Chernoff	WileyAuch
CEO and Chairman of the Board	Director

MAXIM POWER CORP.

Unaudited Condensed Consolidated Interim Statements of Operations and Comprehensive Income

(in thousands of Canadian dollars, except per share amounts)

		Three months ended	September 30	Nine months ended	September 30
	Note	2021	2020	2021	2020
Revenue		44,224	17,726	118,596	29,444
Expenses (income)
Operating		18,658	11,703	49,196	22,102
General and administrative		1,113	1,042	3,595	2,917
Depreciation and amortization		2,161	2,146	5,966	3,398
Loss (gain) on commodity swaps	11	(4,656)	(156)	5,606	(593)
Asset impairment charge	3	5,347	-	5,347	-
Other expense(income),net	5	24	(48)	(46,946)	670
Total expenses		22,647	14,687	22,764	28,494
Operating income		21,577	3,039	95,832	950
Finance expense,net	6	1,872	1,897	3,554	3,782
Income (loss) before income taxes		19,705	1,142	92,278	(2,832)
Deferred income tax expense(recovery)		1,613	644	18,171	(3,169)
Net and comprehensive income		18,092	498	74,107	337
Earnings per share Basic Diluted	7	0.36 0.30	0.01 0.01	1.49 1.21	0.01 0.01

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

MAXIM POWER CORP.

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(in thousands of Canadian dollars, except common share data)

Number of common shares (thousands) Share capital Contributed surplus Retained earnings (deficit) Total	Number of common shares (thousands) Share capital Contributed surplus Retained earnings (deficit) Total
Equity at December 31, 2020 49,802 143,584 12,431 (8,105) 147,910 Net income - - - 74,107 74,107 Share-based compensation - - 329 - 329 Stock options settled in cash - - (17) - (17) Stock options exercised 241 525 (108) - 417
Equity at September 30, 2021 50,043	144,109 12,635 66,002 222,746
Equity at December 31, 2019 50,214 144,771 12,175 (17,714) 139,232 Net income - - - 337 337 Repurchase of common shares for cancellation (405) (1,167) - 342 (825) Share-based compensation - - 316 - 316 Stock options settled in cash - - (146) - (146)
Equity at September 30, 2020 49,809	143,604 12,345 (17,035) 138,914

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

MAXIM POWER CORP.

Unaudited Condensed Consolidated Interim Statements of Cash Flows

(in thousands of Canadian dollars)

		Nine months ended	September 30
	Note	2021	2020
Cash flows from operating activities:
Net income		74,107	337
Adjustments for items not involving cash or operations:
Depreciation and amortization		5,966	3,398
Asset impairment charge	3	5,347	-
Share-based compensation		329	316
Unrealized (gain) loss on commodity swaps	11	(9,025)	970
Stock option settlement		(17)	(146)
Deferred income tax expense (benefit)		18,171	(3,169)
Finance expense,net	6	3,554	3,782
Funds generated from operating activities before change in non-
cash working capital		98,432	5,488
Change in non-cash workingcapital	10	(9,880)	(8,886)
Net cashgenerated from(used-in)operatingactivities		88,552	(3,398)
Cash flows from financing activities:
Issuance of loans and borrowings		-	14,762
Repayment of loans and borrowings	4	(10,750)	(750)
Issue costs on loans and borrowings	4	(2,810)	-
Proceeds from exercise of stock options		417	-
Repurchase of common shares for cancellation		-	(825)
Interest and bank charges		(4,118)	(1,571)
Net cashgenerated from(used in)financingactivities		(17,261)	11,616
Cash flows from investing activities:
Property, plant and equipment additions	3	(56,869)	(19,033)
Interest income	6	112	180
Change in non-cash workingcapital	10	(742)	(4,435)
Net cash used in investingactivities		(57,499)	(23,288)
Foreign exchangegain on cash and cash equivalents		(29)	(83)
Increase (decrease) in cash and cash equivalents		13,763	(15,153)
Cash and cash equivalents,beginningofperiod		12,261	20,924
Cash and cash equivalents, end of period		26,024	5,771

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 1

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

1. Reporting entity

Maxim Power Corp. is incorporated in the province of Alberta, Canada. Maxim Power Corp., together with its subsidiaries ("MAXIM" or the "Corporation") is an independent power producer, which acquires or develops, owns and operates power and power related projects in Alberta. The Corporation’s common shares trade on the Toronto Stock Exchange under the symbol "MXG". MAXIM’s registered office is Suite 1800, 715 – 5 Avenue S.W., Calgary, Alberta, Canada, T2P 2X6.

Interim results will fluctuate due to plant maintenance schedules, seasonal demand for electricity, changes in energy prices and the 2020 mid-year commissioning of Milner 2 (“M2”). Consequently, interim results are not necessarily indicative of annual results.

2. Basis of preparation and statement of compliance

• (a) Statement of compliance

These unaudited condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting. The unaudited condensed consolidated interim financial statements do not include all the information required for annual financial statements and should be read in conjunction with the Corporation's December 31, 2020 annual audited financial statements available at www.sedar.com.

MAXIM's Board of Directors approved these unaudited condensed consolidated interim financial statements on November 9, 2021.

• (b) Significant accounting policies and use of judgments and estimates

The use of judgments and estimates in the preparation of these unaudited condensed consolidated interim financial statements have been applied consistently for all periods presented and are unchanged from the judgments and estimates disclosed in the notes to the consolidated financial statements for the year ended December 31, 2020.

The significant accounting policies used in the preparation of these unaudited condensed consolidated interim financial statements have been applied consistently for all periods presented and are unchanged from the policies disclosed in the notes to the consolidated financial statements for the year ended December 31, 2020.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 2

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

3. Property, plant and equipment, net

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Generating Right-of- Assets under
Land Facilities Equipment use Asset Construction Total
Cost
Balance, December 31, 2019 4,077 86,131 3,248 131 147,930 241,517
Additions - 3,703 - - 16,475 20,178
Lease addition - - - 202 - 202
- - - -
Capitalized interest 1,905 1,905
- - - -
Revisions to decommissioning provisions (3,206) (3,206)
Assets in-service - 143,624 - - (143,624) -
Balance, December 31, 2020 4,077 230,252 3,248 333 22,686 260,596
- - -
Additions (a) 12,952 43,917 56,869
Capitalized interest - - - - 115 115
Revisions to decommissioning provisions - 655 - - - 655
- - - -
Impairment (b) (5,347) (5,347)
Assets in-service - 1,049 - - (1,049) -
Balance, September 30, 2021 4,077 244,908 3,248 333 60,322 312,888
Accumulated depreciation
Balance, December 31, 2019 - 68,264 2,876 60 - 71,200
Depreciation - 5,377 9 71 - 5,457
Balance, December 31, 2020 - 73,641 2,885 131 - 76,657
Depreciation - 5,940 8 18 - 5,966
Balance, September 30, 2021 - 79,581 2,893 149 - 82,623
Property, plant and equipment, net
December 31, 2020 4,077 156,611 363 202 22,686 183,939
September 30, 2021 4,077 165,327 355 184 60,322 230,265
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(a) During the first nine months of 2021, the Corporation incurred costs of $56,869, of which $43,092 relates to advancing engineering and construction of the combined cycle gas turbine (“CCGT”) expansion of M2, $12,926 relates to capital spares for M2 and $851 relates to the simple cycle gas turbine (“SCGT”) and other development costs.

(b) Asset impairment charge

During the third quarter of 2021, the Corporation was notified by the Alberta Utilities Commission that the appeal for a time extension of the Deerland peaking station permit (190MW) was denied. As a result, the Corporation has terminated the project and written off the full value of the assets under construction totaling $5,347 and recognized as asset impairment charge.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 3

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

4. Loans and borrowings

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September 30, December 31,
2021 2020
Bank Term Facility #1 (a) 28,500 29,250
-
Revolver Facility #1 (a) 10,000
Convertible Loan Facility (b) 29,438 29,438
57,938 68,688
Less: deferred financing costs (4,723) (1,913)
Net loans and borrowings, net of deferred financing costs 53,215 66,775
Less: current portion, net of deferred financing costs - (1,668)
Total long-term loans and borrowings, net of deferred financing costs 53,215 65,107
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(a) Senior Credit Facilities

On June 30, 2021, the Corporation entered into an amended and restated credit agreement that increases the senior credit facilities from $42,500 to $105,000 to support financing requirements of the CCGT expansion of M2, existing operations, letters of credit and hedging. The senior credit facilities are secured by the assets of the Corporation. The Bank Term Facility #1, Revolver Facility #1, Revolver Facility #2 and the Bank Construction Facility can bear interest at Canadian prime rate, bankers acceptance or Canadian dollar offered rate, plus applicable margins. The Fixed Rate Construction Facility bears interest at a fixed rate. The senior credit facilities mature on June 30, 2026.

Financing provided as follows:

(i) Bank Term Facility #1

The remaining original $28,500 term facility was amended into a Bank Term Facility #1, which continues without being repaid, terminated or replaced until construction of the CCGT expansion of M2 is completed, at which point it will require amortization over seven years based on the current anticipated completion date of the project. This facility is non-revolving and currently bears interest at floating rates under the bankers acceptance rate of 3.44% (December 31, 2020 - 3.47%) and as at September 30, 2021 the amount drawn under this facility was $28,500 (December 31, 2020 - $29,250). This facility is fully drawn and no additional amounts are available.

(ii) Revolver Facility #1

The $10,000 Revolver Facility #1 remains available for general corporate purposes. As at September 30, 2021 the amount drawn under this facility was $nil (December 31, 2020 - $10,000).

(iii) Revolver Facility #2

Upon amendment and restatement of the credit agreement, the $4,000 Revolver Facility #2 was increased to $5,000. This facility is now available only for the CCGT expansion of M2 and operating purposes until M2 is completed, and then for general corporate purposes thereafter. This facility is undrawn as at September 30, 2021.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 4

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

4. Loans and borrowings (continued)

(iv) Bank Construction Facility

The $27,400 Bank Construction Facility is non-revolving, available only for the construction of the CCGT expansion of M2, with amortization required over ten years commencing on completion of the CCGT expansion of M2. This facility is undrawn as at September 30, 2021.

(v) Fixed Rate Construction Facility

The $30,000 Fixed Rate Construction Facility is non-revolving, available only for the construction of the CCGT expansion of M2, with amortization required over five years commencing on completion of the CCGT expansion of M2. This facility is only available to be drawn on up to January 31, 2022. This facility is undrawn as at September 30, 2021.

(vi) Letter of Credit Facility

The Letter of Credit Facility was amended from a cash collaterized facility to a facility which can either be cash collaterized or be drawn on of up to $4,100. As at September 30, 2021, the Corporation has $4,046 in cash collaterized letters of credit. Cash of the same amount was deposited into a restricted bank account maintained by the bank.

(vii) Hedging Facility

A risk management facility is available for interest rate, power and gas commodity price and foreign exchange hedging.

(viii) Debt Covenants

Commencing on June 30, 2021, the Corporation is required to maintain a debt service coverage ratio of not less than 1.25:1.00, previously 1.50:1.00, determined as at the last day of each financial quarter on a rolling four quarter basis.

The Corporation is required to maintain debt (Senior Credit Facilities) to earnings before interest, taxes, depreciation and amortization below 3.00:1.00, determined as at the last day of each financial quarter on a rolling four quarter basis.

MAXIM shall ensure that, as at the end of each financial quarter, the tangible assets of MAXIM, Milner Power II LP and Milner Power LP (“MPLP”) are not less than the lesser of: (a) 95% of consolidated tangible assets; and (b) consolidated tangible assets (less any consolidated tangible assets attributed to Forked River II, Inc., Forked River II, LLC, Summit Coal Inc., Summit Coal LP, Deerland Power Inc. and Deerland Power LP).

In addition, MAXIM is subject to customary non-financial covenants. As at September 30, 2021, MAXIM is in compliance with all debt covenants.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 5

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

4. Loans and borrowings (continued)

• (b) Convertible Loan Facility

On June 30, 2021, the Corporation amended the $75,000 convertible loan to make it available for the construction of the CCGT expansion of M2 and any wind power projects agreed with the lender, and to extend the maturity date to September 25, 2026 at a fee of $750 which was paid on June 30, 2021. The convertible loan continues to be subordinated to the Senior Credit Facilities, convertible into common shares at $2.25 per share, at the option of the lenders, bears interest at 12% per annum and is secured by the assets of the Corporation. As at September 30, 2021, MAXIM is in compliance with all covenants related to this facility. The convertible feature of the loan was valued at $nil at the date of issuance and therefore no amount has been reflected as equity on the statements of financial position. As at September 30, 2021, the Corporation has $29,438 (December 31, 2020 - $29,438) outstanding.

The convertible loan was provided by two significant shareholders of the Corporation, one of whom is the Chief Executive Officer and Chairman of the Board and the other who is Vice Chairman of the Board. Total interest and fees paid under this facility, not including the amendment fee, during the three and nine months ended September 30, 2021 was $1,078 and $3,017 (September 30, 2020 - $604 and $604, respectively).

• (c) Issue costs on loans and borrowings

A total of $2,810 of transaction costs were incurred in the nine months ended September 30, 2021 in relation to the amendment and restatement of the senior credit facilities and amendment of the convertible loan facility. Upon amendment, the Corporation determined that the modifications of the two facilities resulted in a remeasurement. As a result, upon fair valuing the loans, the Corporation recognized a gain of $1,752 on the debt modification for the nine months ended September 30, 2021.

• (d) Repayments

The Corporation’s anticipated principal repayment obligations as at September 30, 2021, on the above loans and borrowings over the next five calendar years are as follows:

2023	3,150
2024	4,200
2025	4,200
2026	46,388
	57,938

5. Other income and expense

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Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
- - -
Line loss proceedings payment (a) (46,514)
Other expense (income), net 24 (48) (432) 670
Total other expense (income), net 24 (48) (46,946) 670
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• (a) For the three and nine months ended September 30, 2021, the Corporation collected $nil and $46,514, respectively, pertaining to the Line Loss Proceeding payments, which has been recognized as other income and increased the total amount collected under the claim to $52,932.

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 6

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

6. Finance expense, net

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Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Interest expense and bank charges 1,400 1,534 4,247 2,178
Amortization of deferred financing costs 479 470 1,235 1,511
Loss (gain) on interest rate swap (note 11) 2 9 (9) 79
- - -
Gain on modification of debt (note 4) (1,752)
Accretion of provisions 17 20 46 54
Foreign exchange (gain) loss 16 (114) (101) 140
Finance expense 1,914 1,919 3,666 3,962
Interest income (42) (22) (112) (180)
Total finance expense, net 1,872 1,897 3,554 3,782
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7. Earnings per share

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Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Weighted average number of common shares (basic) 49,900,823 49,830,391 49,859,386 50,047,443
- -
Effect of convertible loan facility 13,083,736 13,083,736
Effect of exercisable stock options 756,342 243,976 551,535 213,555
Weighted average number of common shares (diluted) 63,740,901 50,074,367 63,494,657 50,260,998
Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Net income (basic) 18,092 498 74,107 337
Finance expense on the convertible loan facility, net of
tax 920 - 2,566 -
Net income (diluted) 19,012 498 76,673 337
Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Earnings per share:
Basic 0.36 0.01 1.49 0.01
Diluted 0.30 0.01 1.21 0.01
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MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 7

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

8. Commitments

• (a) The Corporation has entered into contracts for engineering, construction, maintenance and procurement of equipment for M2. These contracts have a minimum commitment totaling $16,262 as at September 30, 2021.

• (b) The Corporation has entered into a natural gas transportation service agreement from June 1, 2020 to May 31, 2025 to deliver natural gas to M2. The total remaining commitment from this five-year contract as at September 30, 2021 is $13,842 over the next four years as follows:

2021	945
2022	3,780
2023	3,780
2024	3,780
2025	1,557
	13,842

9. Contingencies

For the current significant outstanding contingencies, refer to Note 20 of the Annual Audited Consolidated Financial Statements. Changes during the three and nine months ended September 30, 2021, relating to the Line Loss Proceedings contingent asset are provided in note 5.

10. Change in non-cash working capital

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Nine months ended September 30 2021 2020
Operating activities
Trade and other receivables (7,512) (1,405)
Prepaid expenses and deposits (122) (337)
Trade and other payables (2,246) (7,144)
(9,880) (8,886)
Nine months ended September 30 2021 2020
Investing activties
Trade and other payables 235 (4,785)
-
Non-current deposits (977)
Other long-term liabilities - 366
Restricted cash - (16)
(742) (4,435)
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MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 8

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

11. Financial risk management

The Corporation’s risk management process, oversight and techniques are the same as those described in the Corporation’s 2020 annual consolidated financial statements.

The fair value measurement of a financial instrument or derivative contract is included in one of three levels as follows:

• Level I: unadjusted quoted prices in active markets for identical assets or liabilities

• Level II: inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly

• Level III: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

The Corporation is required to recognize and disclose the fair value of financial assets and liabilities. The following table provides the fair values of the financial assets and liabilities in the Corporation's Consolidated Statements of Financial Position and is categorized by hierarchical levels and their related classifications.

The Corporation’s financial assets and financial liabilities that are not risk management swaps or options or loans and borrowings are all classified as Level I under the fair value hierarchy as they are based on unadjusted quoted prices in active markets for identical instruments.

The fair value of the loans and borrowings are classified as Level II under the fair value hierarchy as the fair values are based on observable market data. The fair value of amounts outstanding under the senior credit facilities approximates the carrying value as it bears a floating rate of interest and the margin charged by the lenders is indicative of current credit spreads. The subordinated convertible loan facility includes monthly interest at a fixed rate that the Corporation would expect to pay for similar financing transactions and accordingly the fair value approximates the carrying value.

(a) Commodity risk management swaps

The fair values of the power and natural gas commodity swaps are classified as Level II under the fair value hierarchy as the fair values are based on observable market data. The Corporation determined the fair value of the swaps by applying the market approach using market settled forward prices as reported by the Natural Gas Exchange for forward contracts of comparable term at the reporting date.

Realized loss (gain) on commodity swaps

	Three months ended	September 30 Nine months ended	September 30 Nine months ended	September 30
	2021	2020	2021	2020
Realized loss (gain) on power swaps	5,474	(484)	17,592	(1,400)
Realizedgain on naturalgas swaps	(1,544)	(163)	(2,961)	(163)
Total realized loss (gain) on commodity swaps	3,930	(647)	14,631	(1,563)

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 9

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

11. Financial risk management (continued)

Unrealized loss (gain) on commodity swaps

Unrealized loss (gain) on commodity swaps
	Three months ended	September 30 Nine months ended		September 30
	2021	2020	2021	2020
Unrealized loss (gain) on power swaps	(3,912)	728	313	1,045
Unrealized loss(gain)on naturalgas swaps	(4,674)	(237)	(9,338)	(75)
Total unrealized loss (gain) on commodity swaps	(8,586)	491	(9,025)	970
Loss (gain) on commodity swaps
Total realized and unrealized loss (gain) on commodity swaps	(4,656)	(156)	5,606	(593)

(b) Interest rate swaps

The Corporation manages interest rate exposure in accordance with the provisions under the Senior Credit Facilities, by entering into interest rate swaps. The fair values of the interest rate swaps are classified as Level II under the fair value hierarchy as the fair values are based on observable market data. As at September 30, 2021, the Corporation has $8,750 of interest rate swaps until November 2022 at 3.82%.

Realized loss on interest rate swaps

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Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Total realized loss on interest rate swaps 9 7 27 23
Unrealized loss (gain) on interest rate swaps
Three months ended September 30 Nine months ended September 30
2021 2020 2021 2020
Total unrealized loss (gain) on interest rate swaps (7) 2 (36) 56
Loss (gain) on interest rate swaps
Total realized and unrealized loss (gain) on interest rate swaps 2 9 (9) 79
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• (c) Carrying amount of risk management asset and liabilities

Current risk management asset

Current risk management asset
September 30,	December 31,
2021	2020
Natural gas commodity swap 7,319	-
Total carrying amount of current risk management asset 7,319	-
Non-current risk management asset
September 30,	December 31,
2021	2020
Natural gas commodity swap 284	-
Total carrying amount of non-current risk management asset 284	-
Total current and non-current risk management asset 7,603	-

MAXIM POWER CORP.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements, Page 10

For the three and nine months ended September 30, 2021 and 2020 (Amounts in thousands of Canadian dollars except as otherwise noted)

11. Financial risk management (continued)

Current risk management liability

Current risk management liability
	September 30,	December 31,
	2021	2020
Power commodity swap	572	259
Natural gas commodity swap	-	1,736
Interest rate swap	18	54
Total carrying amount of current risk management liability	590	2,049

12. Comparative figures

Certain comparative figures have been reclassified to conform to the current year’s presentation.